The owners of the property we are purchasing are using a conveyancing solicitor in Gloucestershire who has insisted on a preliminary agreement with a non-refundable deposit two thousand pounds. Are such agreements sensible?
Lock out agreements are contracts between a home owner and prospective buyer granting the buyer the sole right to the sale of the property within a prescribed time frame. Essentially, an exclusivity is a document specifying that you should have a contract at a later time which is the contract for the actual sale. It tends to be utilised for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are various positives and negatives to having them but you should to check with your lawyer but note that it may end up incurring extra in conveyancing charges. In light of this these contracts are rare in relation to conveyancing in Gloucestershire.
Various web forums that I have frequented warn that are a common cause of hinderance in Gloucestershire conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Gloucestershire.
I'm buying my first flat in Gloucestershire with a mortgage from The Mortgage Works. The sellers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not to tell my lawyer about the side-deal as it will put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
How do I use your search app to get a costs illustration from a conveyancing practitioner in Gloucestershire on the authorised to act for my mortgage?
1st choose a bank such as Birmingham Midshires, Virgin Money or Nottingham Building Society then specify your location for instance Gloucestershire. Conveyancing organisations in Gloucestershire and beyond should be identified.
Should I instruct a Gloucestershire conveyancing practitioner based in the area that I am purchasing? We have a good friend who can handle the legal formalities however they are based 300kilometers away.
The benefit of a local Gloucestershire conveyancing practice is that you can visit the firm to sign paperwork, hand in your identification documents and apply pressure on them if necessary. Having local Gloucestershire know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and in the main were happy that must outweigh using an unfamiliar Gloucestershire conveyancing solicitor solely due to them being local.